Stephanie Ruhle Tells Biden Economic Adviser: Middle Class is ‘Being Absolutely Torched for Being Savers’
MSNBC’s Stephanie Ruhle confronted White House National Economic Council Director Brian Deese on Monday over the cost that inflation has imposed on Americans seeking to save their money.
“Do you think raising rates right now and stopping buying bonds would be ‘help on the way?'” Ruhle asked Deese in a morning interview. “Because right now, as we continue to buy bonds, the only people that helps are investors, and you’ve got the middle class being absolutely torched for being savers.”
Bond purchases pump cash into the economy, diminishing the value of savings accounts while inflating the value of investments. Deese began to say he was going to “leave the execution of monetary policy” to the president, but Ruhle interjected to say, “You can have an opinion on it, sir. The country is watching you. You are the economic adviser to the president. … What do you think about raising [interest] rates now?”
Deese replied to say the Biden administration wanted the Federal Reserve to make monetary policy “without political interference,” and proceeded to outline programs the administration was asking Congress to spend more money on.
“You have said before that this is transitory,” Ruhle said. “When do you see this inflationary environment that we’re living in, when do you see it improving?”
“Most independent experts look forward to 2022 and see inflation moderating,” Deese responded. “I think the most important question is how can we make progress on the elements we know will help move this recovery forward.”
Experts have in fact predicted that inflation will continue at an accelerated pace through at least 2024, and potentially longer if Congress passes a $1.75 trillion spending plan that President Joe Biden has requested.
Watch above via MSNBC.
